Cryptocurrency Adoption Slowly Rises in Russia

A recent survey reveals that nearly 20% of Russians have interacted with cryptocurrency, signaling a growing interest in digital assets. Despite this, the majority still lack in-depth knowledge about how cryptocurrencies work. The survey, conducted by a local financial marketplace and reported by TASS on September 30, 2024, sheds light on Russia’s evolving relationship with crypto.

Awareness vs. Usage

Out of 1,200 participants aged 18 and older, about 66% are aware of cryptocurrencies but don’t fully understand them. While 20% have used digital currencies, around 80% have never experimented with them. However, 15% of those who haven’t yet used cryptocurrency expressed curiosity about adopting it in the future.

Among the crypto users, most tried it out of curiosity—63% said they engaged with digital assets to explore, while 19% used it for investment or savings. Regular use of crypto remains low, with only 2% of respondents indicating they use it frequently.

Although awareness is growing, actual ownership of digital currency remains minimal. The survey found that nearly 90% of respondents don’t currently hold any cryptocurrency. Of the small fraction who do, 6% hold less than 10% of their savings in crypto, while just 4% have up to half of their assets in digital form.

This trend comes as the Russian government investigates the use of cryptocurrencies for international trade, especially in sectors tied to military and industrial applications. As state policies and interest in digital assets expand, cryptocurrency adoption may continue to grow across the country.